Paymentology, a London-headquartered global card issuing and processing platform, has signed a referral partnership with Zand Bank, the first fully licensed, all-digital bank in the United Arab Emirates.

The collaboration will offer a range of specialized services for fintechs and start-ups, including BIN (bank identification number) sponsorship, virtual IBANs (international bank account numbers), and client money accounts.

These services are designed to help fintechs launch and scale faster, providing them with the infrastructure to bring their solutions to market efficiently.

This comes as the UAE government is pushing for a strong digital economy. Under its Digital Economy Strategy, the UAE aims to double the sector’s contribution to GDP from 9.7% (April 2022) to 19.4% over the next decade.

By lowering the barriers to entry for new fintech players and accelerating financial innovation, the partnership aims to create a more inclusive and efficient financial ecosystem, the companies say.

“We are thrilled to partner with Paymentology to drive fintech acceleration in the region,” Zand chief executive officer Michael Chan. “This is an exciting opportunity for both sides and will foster more synergies in the future, starting with our BIN-sponsorship programme. Together, we will enable fintechs to bring innovative solutions to market quickly, helping to shape the future of financial services in the UAE.”

Nauman Hassan, regional director for MENA at Paymentology, adds: “Our partnership with Zand Bank reinforces our commitment to providing the next-generation infrastructure fintechs need to succeed. We’re excited to be part of this journey, empowering start-ups and innovators to create the next generation of financial services that will drive the UAE’s digital economy forward.”